Lasaco Assurance Plc has said its policyholders received a total of N6.54 billion in claims for insured risks during the 2023 financial year.
The company said the payout reflects its commitment to safeguarding its clients, although the claims amount showed a slight decline of two per cent compared to the previous year. “Our ability to honour these claims, despite economic challenges, speaks to our ongoing promise of protecting our clients and maintaining the trust they have placed in us,” the company stated.
Reflecting on its overall performance in 2023, Lasaco noted significant achievements that underscore its resilience and strategic growth.
The company reported a record insurance revenue of N18.29 billion, marking an impressive 36 per cent increase from N13.47 billion in 2022.
According to the insurer, the surge in revenue highlights our innovation and commitment to delivering exceptional value to our customers, stakeholders, and communities.
In terms of profitability, the company saw a 6 per cent rise in profit before tax, increasing from N1.58 billion in 2022 to N1.68 billion in 2023. Despite the broader economic challenges, Lasaco also witnessed growth in its total assets, which rose by 5 per cent to N26.97 billion.
Additionally, shareholders’ funds grew by 11 per cent , reaching N13.66 billion.
“These results reflect our prudent management and strategic approach, providing a solid foundation for future opportunities,” the company noted.
Highlighting its ongoing community engagement efforts through educational support, sports sponsorships, and various developmental initiatives, the company noted that these efforts are not just about business growth but about making a tangible difference in the lives of Nigerians.
Looking toward the future, Lasaco is positioning itself for further growth through a focus on digital transformation and technological infrastructure enhancement. “We are making strategic investments in capacity building and process optimisation, as well as forging key collaborations and partnerships to better meet the evolving needs of our clients,” Lasaco said.
The company also emphasised its dedication to sustainable growth, noting its adoption of eco-friendly practices and continued support for the socio-economic development of the communities it serves.
